According to a press release, this contract is with a large infrastructure operator in Europe. The company says the contract is set to last for five years and has an estimated value of $48 million. The contract starts immediately.
Vitalie Robu, President of Exela EMEA, said the following about the deal:
“This win is a prime example of our industry-leading, award winning solutions, which enable our customers’ digital transformation journeys. We are pleased that we were selected and look forward to meeting our customer’s needs.”
Exela Technologies notes that the agreement will have it supplying the customer with “highly secure solutions” from its Digital Assets Group. That includes “AI-led hyper automation, recognition, archiving and other industry-leading features.”
How This Affects XELA Stock
Investors in XELA stock are celebrating the company’s new deal today. The fact that it’s set to last for five years means the contract will act as a secure source of revenue for Exela. That could be a benefit to XELA shares when earnings roll around.
Trading of XELA stock today has some 32 million shares changing hands. That still has a ways to go to reach the company’s daily average trading volume of about 141 million shares. XELA is also up 8.3% alongside today’s news.
Investors seeking out more of the most recent stock market news will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.